The US gambling market continues to see impressively high revenues. After a few months of record-breaking monthly revenues, many operators announced their results for the second quarter of the year. The American Gaming Association (AGA) ran the calculations and found out this is the most profitable quarter for commercial gambling so far.
US Gaming Continues to Evolve
The AGA reported that commercial operators have earned a grand total of a whopping $14.8 billion from April to June. This, notably, surpasses the previous record set by the US commercial gaming industry in the last quarter of 2021 when the industry earned $14.3 billion.
Although the numbers represent only a 3.3% increase, they show that US gaming continues to evolve and engage more customers. It should be taken in mind that this increase comes as more US jurisdictions launch their own gambling markets.
In addition, 22 of the 31 jurisdictions where commercial gambling is legal saw upticks in their GGR. Furthermore, nine states, namely Arkansas, Nevada, Oregon, Oklahoma, Massachusetts, Pennsylvania, Maryland, Iowa and New York, reported all-time highs for the quarter. Despite the rising popularity of iGaming and sports betting, traditional retail gambling was still the most popular vertical.
Taking a look at US gaming’s overall performance for the entire first half of the year, we see that companies earned a total of $29.16 billion. This uptick in revenues translates to an 18% increase compared to 2021’s results for the same period.
As a result of all this growth, US gambling may be preparing for another annual record, just as analysts predicted earlier this year.
AGA’s CEO Is Optimistic Despite the Headwinds
AGA’s chief executive and president, Bill Miller, personally commented on the results. He noted that the second quarter of the year marks a 16-month period of gains for the industry. According to Miller, the first six months saw gaming rise to unprecedented popularity.
With increasingly difficult year-over-year comparisons, our strength through the first half of 2022 reflects sustained consumer demand for legal options as well as gaming’s record popularity.Bill Miller, CEO, AGA
Miller also had a few words about the challenges the industry is facing. Despite the record-breaking GGR, commercial operators now have to deal with the aftereffects of COVID, global inflation, a potential recession and devastating labor shortages. However, Miller is sure that the Association’s members are poised to face the problems and keep moving forward despite the headwinds.